NASDAQ: EXC
Exelon
Utilities · Electric & Other Services Combined
52-week range
$39.73$50.65
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Mar 31, 2026. Hover or tap a column for another year.$50.2B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $32.9B |
| FY2017, ended Dec 31, 2017 | $38.0B |
| FY2018, ended Dec 31, 2018 | $43.7B |
| FY2019, ended Dec 31, 2019 | $44.4B |
| FY2020, ended Dec 31, 2020 | $41.2B |
| FY2021, ended Dec 31, 2021 | $56.6B |
| FY2022, ended Dec 31, 2022 | $43.0B |
| FY2023, ended Dec 31, 2023 | $35.9B |
| FY2024, ended Dec 31, 2024 | $37.8B |
| FY2025, ended Dec 31, 2025 | $44.6B |
| Trailing 12 months to Mar 31, 2026 (through Q1 FY2026) | $50.2B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Mar 31, 2026. Hover or tap a column for another year.$24.8B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $31.4B |
| FY2017, ended Dec 31, 2017 | $33.6B |
| FY2018, ended Dec 31, 2018 | $36.0B |
| FY2019, ended Dec 31, 2019 | $34.4B |
| FY2020, ended Dec 31, 2020 | $16.7B |
| FY2021, ended Dec 31, 2021 | $17.9B |
| FY2022, ended Dec 31, 2022 | $19.1B |
| FY2023, ended Dec 31, 2023 | $21.7B |
| FY2024, ended Dec 31, 2024 | $23.0B |
| FY2025, ended Dec 31, 2025 | $24.3B |
| Trailing 12 months to Mar 31, 2026 (through Q1 FY2026) | $24.8B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Mar 31, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $1.12B | −$92.0M |
| FY2017, ended Dec 31, 2017 | $3.78B | −$104M |
| FY2018, ended Dec 31, 2018 | $2.00B | $1.05B |
| FY2019, ended Dec 31, 2019 | $2.94B | −$589M |
| FY2020, ended Dec 31, 2020 | $1.96B | −$3.81B |
| FY2021, ended Dec 31, 2021 | $1.71B | −$4.97B |
| FY2022, ended Dec 31, 2022 | $2.17B | −$2.28B |
| FY2023, ended Dec 31, 2023 | $2.33B | −$2.71B |
| FY2024, ended Dec 31, 2024 | $2.46B | −$1.53B |
| FY2025, ended Dec 31, 2025 | $2.77B | −$2.27B |
| Trailing 12 months to Mar 31, 2026 (through Q1 FY2026) | $2.78B | −$2.16B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Mar 31, 2026. Hover or tap a column for another year.$713M
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $635M |
| FY2017, ended Dec 31, 2017 | $898M |
| FY2018, ended Dec 31, 2018 | $1.35B |
| FY2019, ended Dec 31, 2019 | $587M |
| FY2020, ended Dec 31, 2020 | $432M |
| FY2021, ended Dec 31, 2021 | $672M |
| FY2022, ended Dec 31, 2022 | $407M |
| FY2023, ended Dec 31, 2023 | $445M |
| FY2024, ended Dec 31, 2024 | $357M |
| FY2025, ended Dec 31, 2025 | $626M |
| Trailing 12 months to Mar 31, 2026 (through Q1 FY2026) | $713M |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Mar 31, 2026. Hover or tap a column for another year.$50.9B
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $35.2B |
| FY2017, ended Dec 31, 2017 | $35.0B |
| FY2018, ended Dec 31, 2018 | $36.0B |
| FY2019, ended Dec 31, 2019 | $37.3B |
| FY2020, ended Dec 31, 2020 | $38.9B |
| FY2021, ended Dec 31, 2021 | $40.0B |
| FY2022, ended Dec 31, 2022 | $39.8B |
| FY2023, ended Dec 31, 2023 | $43.8B |
| FY2024, ended Dec 31, 2024 | $46.5B |
| FY2025, ended Dec 31, 2025 | $50.0B |
| Trailing 12 months to Mar 31, 2026 (through Q1 FY2026) | $50.9B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Up 10.4% since 2016.Figures shown are for the trailing 12 months to Mar 31, 2026. Hover or tap a column for another year.1.02B
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 927M |
| FY2017, ended Dec 31, 2017 | 965M |
| FY2018, ended Dec 31, 2018 | 970M |
| FY2019, ended Dec 31, 2019 | 974M |
| FY2020, ended Dec 31, 2020 | 976M |
| FY2021, ended Dec 31, 2021 | 980M |
| FY2022, ended Dec 31, 2022 | 994M |
| FY2023, ended Dec 31, 2023 | 1000M |
| FY2024, ended Dec 31, 2024 | 1.01B |
| FY2025, ended Dec 31, 2025 | 1.02B |
| Trailing 12 months to Mar 31, 2026 (through Q1 FY2026) | 1.02B |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Mar 31, 2026. Hover or tap a column for another year.Net: $518M more issued than bought back
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| Period | Paid to employees | Sold for cash |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $111M | $0 |
| FY2017, ended Dec 31, 2017 | $88.0M | $1.15B |
| FY2018, ended Dec 31, 2018 | $75.0M | $0 |
| FY2019, ended Dec 31, 2019 | — | $0 |
| FY2020, ended Dec 31, 2020 | — | $0 |
| FY2021, ended Dec 31, 2021 | — | $0 |
| FY2022, ended Dec 31, 2022 | — | $563M |
| FY2023, ended Dec 31, 2023 | — | $140M |
| FY2024, ended Dec 31, 2024 | — | $148M |
| FY2025, ended Dec 31, 2025 | — | $691M |
| Trailing 12 months to Mar 31, 2026 (through Q1 FY2026) | — | $518M |
Revenue (TTM)
$24.8B
+4.6% YoY
Net income (TTM)
$2.78B
+2.5% YoY
Cash
$713M
−29.0% YoY
Total debt
$50.9B
+6.2% YoY
Valuation
At current price- Market Cap
- $47.2B
- P/E
- 17.0×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 1.9×
- Price / Book
- 1.6×
- EV / EBITDA
- 10.9×
Growth
Trailing 12 months- Revenue (TTM)
- $24.8B
- Revenue Growth YoY
- 4.6%
- Revenue CAGR 3Y
- 8.3%
- Revenue CAGR 5Y
- 7.8%
- EPS Growth YoY
- —. Diluted EPS, TTM vs. TTM a year earlier
- Net Income Growth YoY
- 2.5%
Profitability
Trailing 12 months- Gross Margin
- —
- Operating Margin
- 21.0%
- Net Margin
- 11.2%
- FCF Margin
- −8.7%
- Return on Equity
- 9.8%
Earnings
Trailing 12 months- Net Income
- $2.78B
- EPS (diluted)
- —
- EBITDA
- $8.91B
- Operating Income
- $5.22B
Balance Sheet
As of Mar 31, 2026- Cash and cash equivalents
- $713M
- Total Debt
- $50.9B
- Net Debt
- $50.1B
- Total Assets
- $118B
- Total Liabilities
- $88.2B
- Shareholders' Equity
- $29.3B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $6.78B
- Capital Expenditure
- $8.94B
- Free Cash Flow
- −$2.16B
Dividends and risk
Last 12 months- Dividend Yield
- 3.6%
- Dividend / Share
- $1.66
- Beta (5Y)
- 0.30
Every ratio is calculated from the company’s reported figures.
Note
Revenue is roughly flat year over year at $24.8B.
Note
Net margin of 11.2% over the last 12 months.
Watch
Net debt is 5.6× EBITDA ($50.1B), a heavy load.
Watch
Free cash flow was negative (−$2.16B) over the last year.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-Q for the quarter ended Sep 30, 2026 · filed Oct 30, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2025 · 10-K67Mildly positive
67Mildly positive
10-K for the fiscal year ended Dec 31, 2025
Filed Feb 12, 2026 · Read the filing on EDGAR
- Profit rose about 13% to $2,768 million ($2.73 a share, up from $2.45), helped by rate increases at all utilities and colder weather at PECO.
- The 2026 quarterly dividend rises to $0.42 from $0.40. Planned spending on the grid grows to about $41 billion from 2026 through 2029.
- Maryland's new energy law ended some cost true-ups for multi-year rate plans, and states are pushing bill relief as electricity supply costs rise.
- Exelon sold $691 million of new shares and issued $5.2 billion of long-term debt to help fund heavy grid spending as interest costs rise.
Business momentum
Improving
“Net income attributable to common shareholders increased by $308 million and Diluted earnings per average common share increased to $2.73 in 2025 from $2.45 in 2024”
Outlook
Positive
“Exelon's Board of Directors approved an updated dividend policy for 2026. The 2026 quarterly dividend will be $0.42 per share.”
Financial stress
Low
“The Registrants believe their cash flow from operating activities, access to credit markets, and their credit facilities provide sufficient liquidity to support the estimated future cash requirements discussed below.”
Tone against the previous report
About the same
Red flags
None found in this report.
Positives
Earnings growth across all utilities
“Favorable impacts of rate increases at ComEd, PECO, BGE, and PHI;”
Dividend increase
“The 2026 quarterly dividend will be $0.42 per share.”
Credit rating upgrade
“On February 7, 2025, S&P raised its long-term issuer credit rating for Exelon and PECO from 'BBB+' to 'A-'”
Concerns
Rising interest costs
“Higher interest expense at PECO, BGE, PHI, and Exelon Corporate;”
Reliance on share sales and borrowing for capex
“During 2025, Exelon issued approximately 16 million shares of Common Stock at a net weighted-average price of $43.24 per share.”
Pending IRS ruling could shrink rate base
“a reduction in the accumulated deferred income taxes included in rate base for ratemaking purposes of approximately $1.2 billion - $1.7 billion.”
New risks since the previous report
Maryland law ends some rate-plan cost true-ups
“It also prohibits utilities from filing after January 1, 2025, for the reconciliation of actuals costs and revenues to amounts approved within the multi-year plans.”
Political pressure over rising customer bills
“In response to significant increases in electric supply costs, on April 23, 2025, the NJBPU issued an order directing the State's electric public utilities to file petitions proposing distribution side measures”
Federal grants for grid projects terminated
“In October 2025, Exelon, ComEd, and BGE received termination notifications from the DOE”
AI may increase cybersecurity risks
“In addition, the rapid evolution and increased adoption of artificial intelligence technologies may intensify the Registrants' cybersecurity risks.”
Biggest risks named
- Rate case outcomes and political pressure on customer bills
- Rising interest costs and reliance on capital markets for $41 billion capex
- IRS tax ruling reducing rate base by $1.2–1.7 billion
- Power supply shortfall as data center and AI demand grows
- Extreme weather, cyberattacks and supply chain shortages
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | +6 | |
| Outlook | +3 | |
| Tone against the previous report | 0 | |
| Financial stress | 0 | |
| Red flags | 0 | |
| New risks | −2 | |
| Score | 67 | |
Written by AI (Claude Opus 5.5) from the report’s text. 13 of 13 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-Q | Oct 30, 2026 | Pro | |||
| 10-K | Feb 12, 2026 | 67 | Improving | None | |
| 10-K | Feb 12, 2025 | 68 | Improving | 1 minor | |
| 10-K | Feb 21, 2024 | 60 | Improving | 2 medium2 minor | |
| 10-K | Feb 14, 2023 | 71 | Strong improvement | 1 medium1 minor | |
| 10-K | Feb 25, 2022 | 49 | Mixed | 2 medium1 minor | |
| 10-K | Feb 24, 2021 | 39 | Weakening | 3 medium1 minor | |
| 10-K | Feb 11, 2020 | 40 | Mixed | 1 medium2 minor | |
| 10-K | Feb 8, 2019 | 38 | Sharp deterioration | 1 minor | |
| 10-K | Feb 9, 2018 | 70 | Strong improvement | 2 medium |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q1 FY2026 (period ended Mar 31, 2026), filed May 6, 2026. View filings on SEC EDGAR